How much is someone willing to pay for the patent and trademark covering a pet-identification system that includes a 20-second recorded message?
Joseph Popolo of Reno's ipAuctions Inc. doesn't know either, but he'll be finding out this month as his firm conducts an on-line auction on behalf of the inventor.
It's all in a day's work for Popolo, whose firm in coming weeks will handle work ranging from the sale of a patent for a prefabricated parking structure to auction of the trademark of a bankrupt insurance company.
He recently wrapped up the sale of three patents covering dental products as well as the bankruptcy sale of 7,000 shares of stock in a lottery supplier.
The most recent work finds ipAuctions conducting an on-line auction for a pet identification system that's made up of a recorded message in a waterproof, impact-resistant collar.
Michael Bowling, the inventor, also is selling the design of a national registry system so that a database of registered owners could be constructed by the buyer.
The product, Bowling notes, was recognized as a top product by Dog World Magazine. The recorded message, he says, could include information about the pet's owner or medical conditions. Unlike embedded computer chips, the inventor says the recorded ID tags can be easily updated.
And Popolo, looking to whip up even more interest, says that two potentially big markets identification of children and seniors has yet to be explored.
The firm will be running the sale of the pet ID system on-line from Sept. 13-20.
More often than not, ipAuctions Inc. generates its leads through a network of bankruptcy attorneys and bankruptcy trustees who are looking for someone to handle the highly specialized business of selling intellectual property.
Popolo founded ipAuctions in 2001. He had previously worked as the chief executive officer of several Internet companies and also had worked an executive and venture capitalist with start-up technology and marketing companies.
